1. Short Sale Constraints and Corporate Investment, (with Gupta, Vishal, Lipson, Marc L., & Mortal, Sandra C.), Journal of Financial and Quantitative Analysis, Forthcoming. [SSRN]

  • Presented at Alabama, Memphis, Macquarie, Monash, UNSW, Saint Louis University, Hong Kong Baptist University, NEOMA Business School, AFA 2017 PhD Session, FMA Europe 2017, NFA 2016, FMA Doctoral Consortium 2015

2. Short Selling Constraints and Politically Motivated Negative Information Suppression, (with Jiang, Christine X., & Young, Danqing), 2021, Journal of Corporate Finance, 68, 101943. [SSRN]

  • Media coverage: Duke FinReg Blog

  • Presented at IESEG School of Business, Wuhan University, Zhongnan University of Economics and Law, CUHK, 3rd China-Europe Conference, EAA 2018, AFBC 2017, FIRN 2017

3. Short-sale Constraints and Stock Price Crash Risk: Causal Evidence from a Natural Experiment, (with Gao, Lei, & Kim, Jeong-Bon), 2020, Journal of Corporate Finance, 60, 101498. [SSRN]


1. Geopolitical Risk and Technological Innovation, (with Astvansh, Vivek, & Habib, Adnan).

  • Firms' innovation output is worsened amid rising geopolitical risk, likely through losing critical talents and lowering R&D investment.

  • Featured in Harvard Business Review

  • Presented at Indiana University, FIRN PhD Symposium

2. Female Exeutives, Human Capital Inflow, and Innovation Success, (with Gao, Lei, & Han, Jianlei). [Download Paper]

  • Firms led by female CEOs generate more patents and citations, likely through practicing different hiring strategy.

  • Presented at Macquarie University, University of Tasmania, AEA 2020

3. Seeing is Believing: Annual Report "Graphicity" and Stock Returns Predictability, (with Gao, Lei, Hu, Bo, & Zhou, Guofu). [Download Paper]

  • Firms adding graphic information to annual reports experience positive abnormal returns.

  • Presented at CICF 2022 (Scheduled), CUHK-Shenzhen, Liverpool, Melbourne, Syracuse, Wash U-St. Louis

4. The Information Content of Short Selling and Option Trading: When Are They Substitutes, (with Gao, Lei, & Kemme, & David M.), Under review. [Download Paper]

  • Short selling is more informed than option trades. However, short-positioned options can be a substitute to short selling when information asymmetry and arbitrage costs are high.

  • Presented at MFA 2015, FMA 2015, and New Zealand Finance Meeting 2018